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By Steve Silva, Boston.com Staff

Revis Island is now located in Foxborough.

The Patriots made a large splash in the free agent market by signing Darrelle Revis to a one-year, $12 million contract Wednesday night, just hours after the five-time Pro Bowl cornerback was released by Tampa Bay after the Buccaneers were unable to trade him. The deal was first reported by ESPN's Adam Schefter.

Revis, who will turn 29 in July, replaces Aqib Talib, who signed with the Denver Broncos for six years and $57 million on Tuesday. Revis still needs to pass his physical and sign his contract according to Schefter. The one-year deal allows the prized, physical cornerback the opportunity to hit the free-agent market after the 2014 season.

Also sounds like the Patriots are open to eventually making the marriage with Revis a longer-term one. Power move by New England, no doubt.

John Geiger, the business manager for Darrelle Revis, may be pumping the brakes on the idea of a done deal. He wrote Wednesday night on Twitter: “As of now, nothing has been agreed to with Revis and Patriots.”

The move to cut Revis saved Tampa Bay a $1.5 million bonus that Revis would have been due if he remained on the roster; his salary is $16 million a year. The Cleveland Browns and Oakland Raiders had talked to the Bucs about a possible trade for Revis, sources told ESPN, confirming multiple reports.

Revis was obtained by Tampa Bay in a pre-draft trade from the Jets last spring, a deal that cost the Bucs a first-round pick in 2013, as well as a fourth-rounder this year. There had been reports that Revis considered a return to the Jets, the team where he excelled for six seasons.

If Revis had remained on Tampa Bay’s roster at 4 p.m. Wednesday, he would have been due a $1.5 million bonus and the 2014 pick for the Jets would have become a third-rounder.

Revis was recovering from a torn anterior cruciate ligament in his left knee when he joined the Bucs and was given a six-year, $96 million contract. Despite not being 100 percent physically, he appeared in all 16 games and was selected to play in the Pro Bowl last season, when he had two interceptions, a sack and two forced fumbles.

Such a smart move for the #Patriots. $12 million and no long-term commitment to Revis? No-brainer